The Center, founded in 1985, is an environmental organization dedicated to protecting the environment, enhancing human, animal and plant ecologies, promoting the efficient use of natural resources and expanding participation in the environmental movement.

Monday, January 19, 2009

ConocoPhillips Takes $34 Billion Charge

ConocoPhillips is the third largest U.S. based oil company after Exxon Mobil Corp and Chevron. It has a market capitalization of $74 billion. Now the company is taking the write down and laying off 1,350 workers, 4% of its workforce.

The Center hopes this will not negatively affect their Kentucky NewGas project. Of course, partnering with Peabody Energy [coal] should keep this project on track. [The Wall Street Journal, 1/17/09]